Bernstein: Semiconductor earnings upgraded 113%, AI demand shows no sign of slowing

According to Chaoxiang Research, Bernstein’s research report dated September 22, 2026 states that upward revisions to the SOX index’s year-to-date forward earnings reached 113%, while valuations were revised down by approximately 18%. During a 15% pullback from its June peak, earnings estimates were still revised upward by approximately 25%. Semiconductor revenue grew 144% year-over-year in June and 131% year-over-year in July, with memory sales surging 452% year-over-year in July and non-memory sales rising 35% year-over-year. The valuation premium of the semiconductor sector relative to the S&P 500 decreased from approximately 62% last quarter to about 17%.